Unfortunately, there’s no seamless way to go about resolving an auto accident. After assessing the situation and ensuring that nobody was injured, the following steps are oftentimes a bit uncertain for a reliable outcome. A common procedure in New Jersey and across the United States is to exchange contact and insurance information among drivers, and hopefully, there’s no need to file a police report. However, the driver who was the victim of the accident is usually entitled to more financial compensation from their insurance provider than they receive.
Drivers rarely consider the immediate diminished value of their vehicle until after the fact and claims have been settled. The truth of the matter is that the resale value of your vehicle can drop anywhere from 15% – 50% even after it is sufficiently repaired. This is because only 1/3 of Americans will even consider purchasing a vehicle with an accident on its record. This loss in inherent loss of value is called “diminished value,” or “DV” for short.
Understanding Diminished Value
The unfortunate reality of many insurance companies is that they fail to go over each detail of the accident and how they can assist in your financial well-being. Don’t be fooled by believing that compensation for mere auto body work solves your dilemma – most resale sites utilize sources like Carfax to easily access the history and value of your vehicle.
Filing a diminished value claim in New Jersey could save you thousands of dollars in the dreaded event of an auto accident. Talk to your insurance provider and watch them discredit your right to diminished value compensation. When it comes to trustworthy service, Hansen Price is proud to be leading the charge in compassionate auto insurance and auto claims in New Jersey.